Neuberger Berman Group LLC and Neuberger Berman Investment Advisers LLC amended a Schedule 13G/A to report beneficial ownership of common stock of First Watch Restaurant Group, Inc.
The filing shows 2,258,285 shares reported by Neuberger Berman Group LLC with 3.7% of the class and 2,258,069 shares reported by Neuberger Berman Investment Advisers LLC with 5.1%. The filing states these holdings may be held in various fiduciary capacities and includes shared voting and dispositive power figures.
Positive
None.
Negative
None.
Insights
Large asset manager reports low single-digit stakes across affiliated entities.
The filing lists 2,258,285 shares with 3.7% and a closely similar 2,258,069 shares with 5.1% as reported by affiliated Neuberger Berman entities. The language attributes holdings to fiduciary roles and references information barriers among subsidiaries.
These holdings are presented as shared voting/dispositive powers; timing is the amendment date and ownership is shown as of the report. Subsequent filings would show any adjustments.
Amendment clarifies beneficial ownership and entity attributions under Rule 13d-3/13d-4 language.
The statement includes disclaimers that certain Neuberger Berman affiliates disclaim beneficial ownership pursuant to Exchange Act Rule 13d-4 and notes securities separated by an information barrier per SEC Release No. 34-39538.
This is an ownership disclosure; no transaction, proceeds, or change-of-control language is included. The filing records shared voting and dispositive power metrics as presented.
Key Figures
Beneficial ownership (Group LLC):2,258,285 sharesPercent of class (Group LLC):3.7%Beneficial ownership (Investment Advisers LLC):2,258,069 shares+3 more
6 metrics
Beneficial ownership (Group LLC)2,258,285 sharesreported in Item 4
Percent of class (Group LLC)3.7%Item 4 percent of class
Beneficial ownership (Investment Advisers LLC)2,258,069 sharesreported in filing table
Percent of class (Investment Advisers LLC)5.1%reported in filing table
Shared voting power (example)2,229,285 votesshared voting power line for Group LLC
Shared dispositive power (example)2,258,285 sharesshared dispositive power line for Group LLC
Key Terms
Schedule 13G/A, beneficially owned, shared dispositive power, information barrier
4 terms
Schedule 13G/Aregulatory
"Amendment No. 1 ) FIRST WATCH RESTAURANT GROUP INC COMMON"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
beneficially ownedregulatory
"Amount beneficially owned: 2,258,285 Neuberger Berman Trust Co N.A."
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerfinancial
"Shared Dispositive Power 2,258,285.00"
information barrierregulatory
"separated from the NBG Filers by an information barrier"
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
FIRST WATCH RESTAURANT GROUP INC
(Name of Issuer)
COMMON
(Title of Class of Securities)
33748L101
(CUSIP Number)
05/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
33748L101
1
Names of Reporting Persons
Neuberger Berman Group LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,229,285.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,258,285.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,258,285.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.7 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
33748L101
1
Names of Reporting Persons
Neuberger Berman Investment Advisers LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,229,069.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,258,069.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,258,069.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
FIRST WATCH RESTAURANT GROUP INC
(b)
Address of issuer's principal executive offices:
8725 PENDERY PLACE, suite 201, BRADENTON, FL, 34201.
Item 2.
(a)
Name of person filing:
Neuberger Berman Group LLC
Neuberger Berman Investment Advisers LLC
(b)
Address or principal business office or, if none, residence:
1290 Avenue of the Americas
New York, NY 10104
(c)
Citizenship:
Delaware
(d)
Title of class of securities:
COMMON
(e)
CUSIP No.:
33748L101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
2,258,285
Neuberger Berman Trust Co N.A., Neuberger Berman Trust Co of Delaware N.A., Neuberger Berman Asia Ltd.,
Neuberger Berman Canada ULC, and Neuberger Berman Investment Advisers LLC and certain affiliated persons
may be deemed to beneficially own the securities covered by this report in their various fiduciary capacities by
virtue of the provisions of Exchange Act Rule 13d-3. Neuberger Berman Group LLC, through its subsidiaries
Neuberger Berman Investment Advisers Holdings LLC and Neuberger Trust Holdings LLC controls Neuberger
Berman Trust Co N.A., Neuberger Berman Asia Ltd., Neuberger Berman Canada ULC, Neuberger Berman Trust
Co of Delaware N.A. and Neuberger Berman Investment Advisers LLC and certain affiliated persons.
This report is not an admission that any of these entities are the beneficial owner of the securities covered by this
report and each of Neuberger Berman Group LLC, Neuberger Berman Investment Advisers Holdings LLC,
Neuberger Trust Holdings LLC, Neuberger Berman Trust Co N.A., Neuberger Berman Asia Ltd., Neuberger
Berman Canada ULC, Neuberger Berman Trust Co of Delaware N.A. and Neuberger Berman Investment Advisers
LLC and certain affiliated persons disclaim beneficial ownership of the securities covered by this statement
pursuant to Exchange Act Rule 13d-4.
The information in this filing reports securities of the issuer that may be deemed to be beneficially owned by
Neuberger Berman Group LLC, Neuberger Berman Investment Advisers Holdings LLC, Neuberger Trust Holdings
LLC, Neuberger Berman Trust Co N.A., Neuberger Berman Asia Ltd., Neuberger Berman Canada ULC, Neuberger
Berman Trust Co of Delaware N.A. and Neuberger Berman Investment Advisers LLC ("NBG Filers"). The securities
of the issuer, if any, that may be deemed to be beneficially owned by NB Alternatives Advisers LLC and other
subsidiaries of Neuberger Berman Group LLC that are separated from the NBG Filers by an information barrier in
accordance with SEC Release No. 34-39538 (January 12, 1998) are not reflected in this filing.
(b)
Percent of class:
3.7 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
2,229,285
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
2,258,285
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What does the Schedule 13G/A filed for FWRG report?
It reports beneficial ownership by Neuberger Berman entities, including 2,258,285 shares and 2,258,069 shares. The filing identifies voting and dispositive powers and includes fiduciary disclaimers.
Does the filing show Neuberger Berman controls First Watch (FWRG)?
No. The filing reports single‑digit ownership stakes (3.7% and 5.1%) and contains explicit disclaimers that these entities may be deemed beneficial owners in fiduciary capacities.
Are these holdings direct or indirect for FWRG?
The filing states holdings may be through various fiduciary capacities and controlled through subsidiaries; it lists shared voting and dispositive power rather than sole power figures.
Did the filing disclose any purchases or sales of FWRG stock?
No. The amendment reports ownership amounts and power allocations; it does not disclose specific purchases, sales, or transaction dates in the provided excerpt.
What regulatory language is cited in the 13G/A for FWRG?
The filing cites Exchange Act Rule 13d-3 and Rule 13d-4 and references SEC Release No. 34-39538 regarding information barriers separating certain subsidiaries.
